Question
Prepare all February journal entries and adjusting entries. February Transactions 02/16 JWC pays the first 2 weeks wages to the employees. The total paid $1,500.
Prepare all February journal entries and adjusting entries.
February Transactions
02/16 JWC pays the first 2 weeks wages to the employees. The total paid $1,500.
02/17 Paid in full the amount owed for the 02/05 purchase of inventory.
02/18 Wrote off a customers account in the amount of $700.
02/19 $2,600 of rent for January and February was paid. Because all of the rent will soon expire, the February portion ofthe payment is charged directly to expense.
02/19 Collected $4,000 on customers Accounts Receivable. Of the $4,000, the discount was taken by the customer on $3,000 of the account balances.
02/21 A new inventory supplier that charges a lower price per unit is located. The new suppliers terms are 2/15,n45; FOB Shipping Point. JWC purchases 50 units on account for $4,400.
02/22 JWC paid Federal Express $100 to have the 50 units of inventory delivered overnight. Delivery occurred on 02/22.
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